(Solved): 5. Producer surplus for a group of sellers The following graph shows the supply curve for a group ...

5. Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $150. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Brian, green (triangle symbols) for Crystal, purple (diamond symbols) for Edison, tan (dash symbols) for Hilary, and orange (square symbols) for Kevin. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $150. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) ? PRICE (Dollars per smartphone) 240 210 180 150 120 90 60 30 0 0 1 Brian 2 Crystal Edison 4 Hilary Kevin 3 5 QUANTITY (Smartphones) Market Price 6 7 8 Based on the information on the preceding graph, you can tell that producer surplus in this market will be Suppose the market price of a smartphone decreases to $90. Brian On the following graph, use the rectangles once again to shade the smartphone at the new market price: blue (circle symbols) for Bria (dash symbols) for Hilary, and orange (square symbols) for Kevin. by leaving his or her rectangle in its original position on the palette. Crystal Edison Hillary Kevin one seller two sellers three sellers will sell smartphones at the given market price, and total ting producer surplus for each person who is willing to sell a le symbols) for Crystal, purple (diamond symbols) for Edison, tan five sellers son will not sell a smartphone at the new market price, indicate this four sellers 240 210 180 PRICE (Dollars per smartphone) 8 150 120 30 0 0 Based on the smartphone 1 Brian 2 decreases increases Crystal Edison 4 Hilary Kevin 3 5 QUANTITY (Smartphones) Market Price 6 7 8 Brian Crystal Edison Hilary Kevin in the second graph, when the market price of a smartphone decreases to $90, the number of sellers willing to sell a to , and total producer surplus to $ 240 210 180 PRICE(Dollars per smartphone) 8 150 120 30 0 0 1 Brian 2 Crystal Edison Hilary Based on the information in the smartphone to Kevin one seller two sellers 3 QUANTI three sellers four sellers five sellers Market Price 6 7 8 Brian Crystal Edison Hilary Kevin -S when the market price of a smartphone decreases to $90, the number of sellers willing to sell a and total producer surplus to S 240 210 180 PRICE (Dollars per smartphone) 8 8 150 120 30 0 0 1 Brian 2 Crystal Edison Hilary 4 Kevin 3 5 QUANTITY (Smartphones) Market Price 6 7 8 Brian Crystal Edison Hilary Kevin Based on the information in the second graph, when the market price of a smart smartphone to and total producer surplus ? decreases increases ases to $90, the number of sellers willing to sell a to